BOF OKs BOE Transfers

Monday nights are (sometimes) busy in Stafford, at least in terms of meetings. On May 6, 2024, The Board of Finance (BOF) met while, across town, the Board of Education (BOE) was also meeting. That meant Charmaine Bradshaw-Hill, Director of Finance and Operations for Stafford Public Schools was over at the BOF meeting presenting requests from the schools. 

Bradshaw-Hill asked for the release of $210,000 from the Unexpended Capital Improvement Fund, which was negotiated as part of the 2024-2025 budget process. While the money is allocated for the upcoming fiscal year’s budget, some of the capital projects that money is allocated for will begin soon, and therefore, the funds are needed earlier than July 1, when the new fiscal year begins. Additionally, she asked for $79,100 from the same fund for upcoming water line connection hook-up costs at West Stafford Schools.  

Meanwhile, at the BOE meeting, Superintendent of Schools Steven A. Moccio told the BOE that the school budget was overextended by $189,000 because the district had not yet received its Excess Cost reimbursement from the state. Those payments are supposed to help defray special education costs (but often fall short). Back at the BOF meeting, Bradshaw-Hill requested the transfer of the first payment of $317,439 in the Education Excess Cost account, which would help balance the BOE budget statements.  

All of the requests were approved by the Board of Finance.

The balance of the school system's self-insurance fund was also on the docket for the evening. A self-insured plan means that employee premiums are collected and kept in an account from which claims are paid. As has been reported in past meetings, the balance of that fund is lower than the BOE and BOF would like it to be. Stafford’s Chief Financial Officer, John Lund, reported that while somewhat it has improved from the prior quarter, the deficit remained. 

The BOF wondered how the level of claims was accelerating while the premiums were going down, and if the BOE was prepared to make additional contributions and budget allocations to reduce the deficit. This led to a larger conversation and many follow-up questions including statistics on premium payment allocations, broker comments on premium estimates, and directional plans to address the deficit. Additionally, they had general questions about BOE budget oversight. The BOF plans to follow up on these questions at its next meeting. 

[This article was written using the minutes for the Board of Finance meeting because your local reporter cannot be in two places at once.]